Wednesday September 17, 2014 Search
Weather | Athens
27o C
20o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
No leeway for Athens till fall

 Gov’t must rush to implement 12 prior actions in the coming weeks and has no wiggle room for tax cuts

By Prokopis Hatzinikolaou

The election result, albeit adverse, has not led to the destabilization of the government, but Athens has very little room for maneuvering, at least regarding any unilateral measures up to November, when the decisions on its debt will be made. In the meantime it will have to implement all the prior actions required by the revised agreement with its creditors.

“The political clock in Greece will restart in November,” noted a European Union official, stressing that the government should not give in to any urges to backtrack on its obligations to implement reforms or achieve its fiscal targets due to the election result. If it does, it risks missing the chance for a definitive solution that the eurozone will try to grant Greece to lighten its debt, not to mention the financial, political and technical support for the necessary reforms.

Pre-election pledges will apparently remain tucked away for a long time, unless the Finance Ministry finds a way to reduce taxes without putting the fiscal balance at risk. Even the slightest relaxation of the policies to meet the program’s targets must not only come with offsetting measures, but should also have the creditors’ approval.

The ministry will need to move ahead immediately with the implementation of 12 prior actions required for the disbursement of bailout installments adding up to 2 billion euros. This means that as soon as the Parliament reopens, a series of bills and amendments must be tabled and voted through for the next tranche of 1 billion euros to be disbursed in June, with another one of the same amount due in July.

Prior actions include the determination of the second batch of charges to be abolished, the merger of auxiliary social security funds, the reduction of pharmacists’ profit margins and the breakup of Public Power Corporation (PPC) so that its privatization can proceed. The technical experts from the country’s creditors will arrive in Athens next month, while the proper assessment of Greece’s progress will not begin before the end of August.

ekathimerini.com , Monday May 26, 2014 (22:47)  
Sports events extend season of tourism
Gov’t to ask for subsidy return
Shipping sector concentrates but still expands despite crisis
First step toward transformation of Athenian Riviera
Tsipras to meet with Pope Francis on Thursday
SYRIZA leader Alexis Tsipras will travel to the Vatican for a meeting with Pope Francis on Thursday according to reports. Social justice, unemployment, immigration and the Mideast crisis are...
A SYRIZA victory would spark a bank run, PM reportedly warns
A SYRIZA victory in an early general election would cause a bank run, Prime Minister Antonis Samaras has warned according to reports. “Given what [SYRIZA leader] Alexis Tsipras said in Thess...
Inside News
SOCCER
Mitroglou rediscovers scoring touch after Fulham let-down
Costas Mitroglou banished the memories of his disappointing spell in England after breaking a 10-month goal drought as Olympiakos Piraeus secured a thrilling 3-2 Champions League win over At...
SOCCER
Mitroglou seals Olympiakos´s 3-2 triumph over Atletico
Costas Mitroglou returned to scoring after 10 long months to seal a famous victory for Olympiakos in the Champions League as the Greek champion defeated visiting Atletico Madrid 3-2 on Tuesd...
Inside Sports
COMMENTARY
Loud patriotism
I admit that whenever politicians drag religious faith and worn-out patriotism into discussions I button up. I feel the same way when I see bishops blatantly getting involved in politics. To...
EDITORIAL
In need of a second wind
Greek Prime Minister Antonis Samaras and a few of his ministers have gone to great lengths to see Greece regain credibility in the eyes of its partners. Given that the state mechanism is not...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Tsipras to meet with Pope Francis on Thursday
2. Mitroglou rediscovers scoring touch after Fulham let-down
3. A SYRIZA victory would spark a bank run, PM reportedly warns
4. Davutoglu calls for a two-state solution in Cyprus
5. Mitroglou seals Olympiakos´s 3-2 triumph over Atletico
6. Sports events extend season of tourism
more news
Today
This Week
1. Loud patriotism
2. In need of a second wind
3. Davutoglu calls for a two-state solution in Cyprus
4. A SYRIZA victory would spark a bank run, PM reportedly warns
5. Tsipras to meet with Pope Francis on Thursday
6. Greece at bottom of social justice scale among EU28
Today
This Week
1. Greece on standby
2. A Greek God
3. Avramopoulos appointed Commissioner for Migration and Home Affairs
4. Central Athens traffic restrictions back in force on Monday
5. Greece at bottom of social justice scale among EU28
6. EU bank tests may miss trillion dollar risk, study finds
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.